Longing GBPCHF AT STRUCTURE, FIB CLUSTER AND "BROKEN FANG"
The GBPCHF has multiple times bounced from the grey box but is now ready for a second retest. We look to long it when it comes back down into the 1.509s again as we then get what i call the "broken fang" setup meaning that price prints higher highs but equal lows. We can also see that we have confluence at this area as there are 2 fibonacci levels coming together here. The .236 from the big move and the .618 from the smaller leg.
Our stops go below the resistance box and I'm hoping to catch a 1:3 on this one as price should come back up to at least 1.519. Moving my stops to breakeven when price hits 2/3 of profit.
We can also see that we are currently in an uptrend (higher highs (pink lines) and higher lows (blue lines)).
Good luck everyone and as usual, hold your thumbs!
Our stops go below the resistance box and I'm hoping to catch a 1:3 on this one as price should come back up to at least 1.519. Moving my stops to breakeven when price hits 2/3 of profit.
We can also see that we are currently in an uptrend (higher highs (pink lines) and higher lows (blue lines)).
Good luck everyone and as usual, hold your thumbs!
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